Analysts Set Independent Bank Corp. (NASDAQ:INDB) Target Price at $69.50

Shares of Independent Bank Corp. (NASDAQ:INDB) have been assigned an average rating of “Buy” from the three research firms that are covering the firm, Marketbeat.com reports. One analyst has rated the stock with a hold rating and two have issued a strong buy rating on the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $69.50.

A number of equities analysts have weighed in on INDB shares. Raymond James raised shares of Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 target price for the company in a research note on Monday, October 21st. Keefe, Bruyette & Woods raised their price objective on Independent Bank from $62.00 to $65.00 and gave the company a “market perform” rating in a research report on Monday, October 21st. Seaport Res Ptn raised Independent Bank from a “hold” rating to a “strong-buy” rating in a report on Monday, July 22nd. Finally, StockNews.com downgraded Independent Bank from a “hold” rating to a “sell” rating in a report on Tuesday, September 17th.

Institutional Trading of Independent Bank

Institutional investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP lifted its holdings in shares of Independent Bank by 9.5% during the second quarter. Dimensional Fund Advisors LP now owns 2,157,917 shares of the bank’s stock valued at $109,443,000 after purchasing an additional 186,680 shares in the last quarter. Victory Capital Management Inc. raised its position in Independent Bank by 25.2% in the 2nd quarter. Victory Capital Management Inc. now owns 1,701,156 shares of the bank’s stock worth $86,283,000 after buying an additional 342,201 shares during the last quarter. Geode Capital Management LLC lifted its stake in Independent Bank by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,017,400 shares of the bank’s stock valued at $60,170,000 after acquiring an additional 8,987 shares during the period. Rockland Trust Co. boosted its holdings in shares of Independent Bank by 14.3% during the 2nd quarter. Rockland Trust Co. now owns 737,477 shares of the bank’s stock valued at $37,405,000 after acquiring an additional 92,438 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Independent Bank by 4.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 523,659 shares of the bank’s stock worth $30,964,000 after acquiring an additional 22,919 shares during the period. 83.40% of the stock is currently owned by hedge funds and other institutional investors.

Independent Bank Trading Up 0.5 %

NASDAQ INDB opened at $72.22 on Friday. The firm has a market capitalization of $3.07 billion, a PE ratio of 15.70 and a beta of 0.73. The stock’s 50 day moving average is $62.63 and its 200 day moving average is $57.24. Independent Bank has a twelve month low of $45.11 and a twelve month high of $75.63. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.22.

Independent Bank (NASDAQ:INDB) last released its earnings results on Thursday, October 17th. The bank reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.02. Independent Bank had a net margin of 20.26% and a return on equity of 6.74%. The firm had revenue of $250.07 million for the quarter, compared to the consensus estimate of $173.24 million. During the same period in the prior year, the firm earned $1.38 EPS. Research analysts forecast that Independent Bank will post 4.5 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Monday, September 30th were issued a $0.57 dividend. The ex-dividend date was Monday, September 30th. This represents a $2.28 dividend on an annualized basis and a yield of 3.16%. Independent Bank’s payout ratio is currently 49.57%.

Independent Bank Company Profile

Independent Bank Corp. operates as the bank holding company for Rockland Trust Company that provides commercial banking products and services to individuals and small-to-medium sized businesses in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.